Intelligent Manufacturing,Innovation Culture and Corporate Cost Stickiness
Cost stickiness reflects the enterprise resource allocation efficiency and firm risk.Based on financial data of the listed manu-facturing companies over the period 2010-2020,we use the word embedding model of machine learning method to research the impact of the application of intelligent manufacturing technology on cost stickiness.The results show that the application of intelligent manufac-turing technology helps to alleviate cost stickiness,which mainly occurs in enterprises with high innovation culture.The above conclu-sions still exist after replacing the main variables and testing methods,adding control variables for robustness tests,and using methods such as fixed effects,instrumental variables,and propensity score matching methods to alleviate endogeneity issues.The mechanism test shows the technology empowerment and information empowerment are the important path between the relation of intelligent manufacturing technology and cost stickiness.Heterogeneity test shows the above effect will be more pronounced in an environment of strong economic policy uncertainty and strong industry competitiveness.
NETL
NSTL
万方数据
